Did you recently launch a business? Good for you. And good luck. New businesses need a lot of work before you see a return on investment.
However, if you implement a few key decisions at the start, you’ll be prepared to face the inevitable issues that will hit your business. Issues like natural disasters, dishonest employees, and growing debts can cripple any endeavor.
Therefore, consider making these precautionary moves.
Get Insurance
Accidents can happen. You don’t want to lose it all in a fire, do you?
So be sure to get every asset of your business insured. The office, the company car, and even your employees need to get insurance. The first two are a no-brainer; for your workers, it’s more indirect.
Without your staff, you may not get any work done. If one calls in sick, that’s a day they won’t be productive, and that may affect your bottom line. Sure, you may not have to pay them for their absence, especially if they’ve used up all their sick leave credits, but the profits you could have gained from their productivity is more valuable.
Thus, get your worker’s medical insurance so they’ll have access to good medical care, which will help them stay healthy. A healthy employee is a productive employee.
Set Aside a Master Key
If you’re not the one to open and close your office or store, then you likely have delegated that task to someone you trust in your staff. You may even have two assigned key keepers: one to open the business in the morning, another to close it at the end of the day.
That’s a common practice. It’s also common sense to secure your own copy of the keys.
One of your staff may forget to bring the keys, then you’ll have to go to your office to take care of things. Or you may want to check things inside your office on a day when your business is normally closed.
Of course, you, too, may drop your set of keys. You may be the boss, but you aren’t immune to being human. So you may want to carry a master key with you.
With one, you can leave your spare keys at home, where it can’t get lost. If you have a big office with multiple doors, then a master key will also make it more convenient since you only need one to open all doors in your business.
Find a Good Accountant
Money keeps your business alive. If you don’t keep track of your cash flow, you won’t know how well your business is operating. You won’t know if you’re going on the red. If you had, you’d be doing something, like launching a marketing campaign, to get your business back on track.
Thus, the importance of accounting.
You can try doing the bookkeeping yourself; it’s pretty simple. However, an actual certified public accountant (CPA) can accurately monitor your financial status as well as advise you on how to improve it, especially on tax matters.
You may not necessarily need them to be an in-house accountant if you feel your business isn’t yet that big to require one. You can just outsource this service from a good accounting firm.
Alternatively, you can hire a CPA as a consultant or an auditor to check your financial records from time to time.
Either way, having a good accountant can go a long way in keeping your business operating and expanding.
Conclusion
With these in mind and implemented, your business will run smoother, and you’ll have an easier time managing it.
Thus, follow these to the letter and watch your business grow.
